Correlation Between GIYANI GOLD and Ming Le

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Can any of the company-specific risk be diversified away by investing in both GIYANI GOLD and Ming Le at the same time? Although using a correlation coefficient on its own may not help to predict future stock returns, this module helps to understand the diversifiable risk of combining GIYANI GOLD and Ming Le into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between GIYANI GOLD and Ming Le Sports, you can compare the effects of market volatilities on GIYANI GOLD and Ming Le and check how they will diversify away market risk if combined in the same portfolio for a given time horizon. You can also utilize pair trading strategies of matching a long position in GIYANI GOLD with a short position of Ming Le. Check out your portfolio center. Please also check ongoing floating volatility patterns of GIYANI GOLD and Ming Le.

Diversification Opportunities for GIYANI GOLD and Ming Le

-0.12
  Correlation Coefficient

Good diversification

The 3 months correlation between GIYANI and Ming is -0.12. Overlapping area represents the amount of risk that can be diversified away by holding GIYANI GOLD and Ming Le Sports in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Ming Le Sports and GIYANI GOLD is a relative statistical measure of the degree to which these equity instruments tend to move together. The correlation coefficient measures the extent to which returns on GIYANI GOLD are associated (or correlated) with Ming Le. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Ming Le Sports has no effect on the direction of GIYANI GOLD i.e., GIYANI GOLD and Ming Le go up and down completely randomly.

Pair Corralation between GIYANI GOLD and Ming Le

If you would invest  133.00  in Ming Le Sports on September 14, 2024 and sell it today you would earn a total of  8.00  from holding Ming Le Sports or generate 6.02% return on investment over 90 days.
Time Period3 Months [change]
DirectionMoves Against 
StrengthInsignificant
Accuracy100.0%
ValuesDaily Returns

GIYANI GOLD  vs.  Ming Le Sports

 Performance 
       Timeline  
GIYANI GOLD 

Risk-Adjusted Performance

0 of 100

 
Weak
 
Strong
Very Weak
Over the last 90 days GIYANI GOLD has generated negative risk-adjusted returns adding no value to investors with long positions. In spite of comparatively stable basic indicators, GIYANI GOLD is not utilizing all of its potentials. The newest stock price uproar, may contribute to short-horizon losses for the private investors.
Ming Le Sports 

Risk-Adjusted Performance

9 of 100

 
Weak
 
Strong
Modest
Compared to the overall equity markets, risk-adjusted returns on investments in Ming Le Sports are ranked lower than 9 (%) of all global equities and portfolios over the last 90 days. In spite of comparatively uncertain basic indicators, Ming Le unveiled solid returns over the last few months and may actually be approaching a breakup point.

GIYANI GOLD and Ming Le Volatility Contrast

   Predicted Return Density   
       Returns  

Pair Trading with GIYANI GOLD and Ming Le

The main advantage of trading using opposite GIYANI GOLD and Ming Le positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if GIYANI GOLD position performs unexpectedly, Ming Le can make up some of the losses. Pair trading also minimizes risk from directional movements in the market. For example, if an entire industry or sector drops because of unexpected headlines, the short position in Ming Le will offset losses from the drop in Ming Le's long position.
The idea behind GIYANI GOLD and Ming Le Sports pairs trading is to make the combined position market-neutral, meaning the overall market's direction will not affect its win or loss (or potential downside or upside). This can be achieved by designing a pairs trade with two highly correlated stocks or equities that operate in a similar space or sector, making it possible to obtain profits through simple and relatively low-risk investment.
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Note that this page's information should be used as a complementary analysis to find the right mix of equity instruments to add to your existing portfolios or create a brand new portfolio. You can also try the ETFs module to find actively traded Exchange Traded Funds (ETF) from around the world.

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